Fly News Breaks for August 9, 2019
Aug 9, 2019 | 07:18 EDT
RBC Capital analyst Arun Viswanathan upgraded FMC Corporation to Outperform and raised his price target to $103 from $87 after its in-line Q2 earnings and raised FY19 guidance. The analyst says his prior view of a patent cliff for the company coming in 2022 was "mistaken", noting that FMC has the "process and formulation patents" protecting Rnaxypyr and Cyazypyr through 2025 and beyond. Viswanathan is also positive on the company's infrastructure and ability to sell AIs to third parties, with his new price target assuming a raised target multiple of 12-times from 11.5-times.
News For FMC From the Last 2 Days